Pensions

NEXT plc Monitor

NEXT plc Annual Report 2017
CR Monitor Issue: 
2017/1009
Company covered: 
NEXT plc
Period End: 
28 January, 2017
Report issued on 24 October 2017 covered the following practice issues:
Pronouncements
Disclosure of future impending impacts of new revenue, financial instruments, and leases standards.
Change
Defined benefit pension disclosures enhanced to include analysis of the expense recognised in other comprehensive income.
Change
Disclosure of defined benefit pension valuation assumptions and related sensitivity analysis extended.
Change
Principal risk disclosures enhanced to consider the possible impacts of Brexit.
Change
Disclosure of proposed changes in directors' remuneration policy.
Change
Enhancement of auditors’ report by inclusion of tabular presentation explaining audit scope.

British Land Company PLC Monitor

British Land Company PLC Annual Report 2017
CR Monitor Issue: 
2017/1003
Company covered: 
British Land Company PLC
Period End: 
31 March, 2017
Report issued on 03 October 2017 covered the following practice issues:
Restatement
Prior year diluted earnings per share restated to correctly take into account the full dilutive impact of convertible bonds.
Change
Presentation of pension actuarial assumptions sensitivity analysis.
Change
Tabular disclosure on the impact of changes in un-observable valuation inputs on the fair value of properties.

A.G. BARR p.l.c Monitor

A.G. BARR p.l.c Annual Report 2016
CR Monitor Issue: 
2017/1002
Company covered: 
A.G. BARR p.l.c
Period End: 
28 January, 2017
Report issued on 03 October 2017 covered the following practice issues:
Pronouncements
Disclosure of expected impact of adoption of IFRS 16 "Leases" including quantification.
Change
Pension "curtailment" gain recognised following closure of scheme to future accrual.
New
Exceptional items highlighted in a separate column on the face of the income statement.
Change
Changes to non-audit fees policy linked to FRC ethical standard

Pensions - Wartsila

Period End: 
31 December, 2016
Period End Date: 
2016-12-31
Listing Status: 
S&P Europe 350
ICB Industry Classification: 
2757 Industrial Machinery
Auditor: 
KPMG

Stagecoach Group plc Monitor

Stagecoach Group plc Annual Report 2016
CR Monitor Issue: 
2017/0411
Company covered: 
Stagecoach Group plc
Period End: 
30 April, 2016
Report issued on 25 April 2017 covered the following practice issues:
Change
Joint venture impaired in full.
Change
Early redemption premium reflected as exceptional finance cost.
Change
Impairment of interest in joint venture, onerous contract review and exceptional items identified as areas of audit focus.
Restatement
New reporting segment identified in line with IFRS 8 quantitative thresholds.
Pronouncements
Change in Companies Act 2006 requirements results in disclosure of full list of subsidiaries.
Change
Table showing movement in franchise adjustment introduced to pensions note.

Pensions - Swisscom

Period End: 
31 December, 2016
Period End Date: 
2016-12-31
Listing Status: 
S&P Europe 350
ICB Industry Classification: 
6535 Fixed Line Telecommunications
Auditor: 
KPMG

Brexit Disclosures in Listed Company Annual reports

The referendum vote to leave the European Union (EU) has undoubtedly led to uncertainty for business and will potentially have far reaching impacts for companies from many different industries. This report, pulled together in March 2017, focuses on the information that companies have disclosed within their annual reports during the latter half of 2016. It sets out disclosures around risk as well as the disclosure of Brexit impacts which have already been felt and the resulting ramifications.

Land Securities Group Plc Monitor

Land Securities Group Plc Annual Report 2016
CR Monitor Issue: 
2017/0112
Company covered: 
Land Securities Group Plc
Period End: 
31 March, 2016
Report issued on 31 January 2017 covered the following practice issues:
Change
Disclosure of impact on defined benefit pension scheme of differences between valuation assumptions as agreed with trustees and on an IAS 19 basis.
Change
Separate disclosure of interest income and expense as attributable to revenue items and capital items.
Change
Cyber attack identified as a new principal risk factor.
New
Disclosure of amount of unutilised capital losses, on which no deferred tax asset is recognised.
Change
Additional disclosures included in audit report of conclusions given to the audit committee on the assessment of material risks of misstatement.
Change
Impairment reversals subsumed within costs line as a result of change in income statement presentation.

RELX Group Monitor

RELX Group Annual Report 2015
CR Monitor Issue: 
2017/0104
Company covered: 
RELX Group
Period End: 
31 December, 2015
Report issued on 9 January 2017 covered the following practice issues:
Change
Full consolidated financial statements are presented instead of combined financial statements.
Change
Earnings per share presented for separate share classes as part of the consolidated income statement.
Change
Reconciliation introduced for the net defined benefit liability from the opening balance to the closing balance.
New
Past service and settlement costs are recognised after transferring the Netherlands defined benefit pension scheme to a defined contribution scheme.
Change
Change in profit base for calculating net cash from operating activities.

Tesco plc Monitor

Tesco PLC Annual Report 2016
CR Monitor Issue: 
2016/1104
Company covered: 
Tesco PLC
Period End: 
27 February, 2016
Report issued on 07 November 2016 covered the following practice issues:
Change
Change in the income statement format from single column to multi-column to highlight exceptional items.
Change
Gain on closure of employee benefit plan recognised as an exceptional item.
Change
Greater aggregation of reporting segments as a result of revised management reporting structure.
Change
More detailed analysis of operating, investing and financing cash flows on the face of the cash flow statement.
Divergence
Internally generated intangible assets aggregated with other intangible assets.